Ask Colin

 Is it worth paying for a computerised system?

The detailed question was:

I purchased Dr Elder’s latest book Entries & Exits, which i have begun to read. I am learning and using sites like Comsec, Incredible Charts and the like. I am trying to prepare for being able to capably invest and/or trade within a couple of years. I only currently have about $30,000.00 to use. Is it worth paying for a computerised system or keep going as is?

Firstly, I would like to commend you on your approach of trying to learn the knowledge and skills before jumping in. So many people do it the other way around and pay rather high tuition fees to the market, called losses.

One of the most important things I leaned about business was to minimise capital overhead costs until you can show some profits. So, your question is an excellent one. I think the answer is to continue to use the free or low cost tools available on the Internet until you have built up your capital and have proven you can invest and/or trade profitably. By then you will have a better idea of what tools you need and can select the appropriate software.

With regard to software, it really depends on what you are trying to do and what tools you have found to be best or most comfortable to you. Insight Trader charting software does the job for me, but everyone is different. Without full knowledge of you and your approach, I could not responsibly make a recommendation for you on software any more than I could on which stocks to buy.